ACA Full Membership

Thank you for your interest in Full Membership in ACA. Please take a look at the information below including membership criteria & terms and feel free to contact us with any questions you may have.

ACA Full Membership:

This membership type is open to:

• Active groups of angel investors, located in North America, investing predominately in private equity through a member-directed investment process.
• Family Offices, located in North America, investing predominately in private equity through a member-directed investment process.

Full Membership Benefits

• Discounts for all individuals in the member group to attend annual ACA Summits, regional meetings, and Webinars (worth $300 per individual at the 2012 Summit).
• Invitation for group leadership to attend the ACA Leaders Workshop each Fall.
• Access to the Members-Only section of the ACA Web site and receipt of special publications that include data and information on specific items such as best practices, syndication guide, member data and deal flow.
• Participation in committees (Public Policy, Collaboration, etc), generally held via conference call and email, but in-person during the annual Summit.
• Reports on US federal and state public policy issues of importance to angel investors.
• Discounts on educational events/ materials, including a ten percent discount on licenses for the Power of Angel Investing seminars and workshops.
• Discounts on services for angel investors, such as background checks, and for investors and portfolio companies, such as health insurance search options.
• Free access to the basic Gust platform (which assists angel groups in group administration, deal flow, and syndication), and the right to serve on the ACA-Gust Users Group to suggest improvements to the platform.
• Use of public relations tools to promote the angel group to its local press, including an announcement of ACA membership.
• Use of the ACA member logo on angel group's Web site and printed materials, the right to place the angel group's logo on the ACA Web site, and listing on the ACA directory of angel groups in North America.
• Such other benefits as identified and provided to Full Members.

Criteria for Membership

Membership is granted at the discretion of ACA's Membership Committee or Board of Directors, based on evaluation of membership criteria:

Full Membership

• The participants in the organization are predominantly individuals and all individuals are accredited investors, as defined by the Securities Act of 1933, and the organization has a process to ensure its participants are accredited.
• Participating investors are actively engaged in investment of their personal capital.
• The participants or, in the case of an angel fund, a subset of the participants make investment decisions on opportunities presented to the full group. Individuals do not delegate investment decisions to a third party.
• The group holds regular in-person meetings as part of its investment process.
• The group has defined processes and procedures for making investment decisions.
• The group is located in the United States, Canada, or Mexico.
• The organization has held an investment meeting within the 12 months prior to the application.

Examples of qualifying groups include, but are not limited to:

• Member-managed angel groups
• Manager-led angel organizations
• Angel investment funds
• Angel groups with no formal legal structure

Non-qualifying entities include those in which participating investors are not involved in the investment decision process. Examples:

• Broker/dealers
• Investment advisors and bankers
• Venture capital funds
• Stock clubs
• Groups in which the primary members are organizations rather than individuals
• Statewide or regional associations of angel groups (although these organizations may qualify as Affiliates via a separate application process)
• Virtual (i.e., online) angel groups or investment forums

Membership Application Process

The ACA Membership Committee will consider each application to meet the criteria outlined below. ACA will contact you by email or telephone with the results of the evaluation. If your group is accepted, ACA will also provide a welcome membership letter, including an invoice. Membership is not final until your application has been accepted and the payment is received by ACA.

Complete membership submission includes:

• Completed membership application, answering all data fields in the document
• Copies of public literature about your angel group (preferably in electronic form)
• Payment of the membership fee by check or credit card, based on the invoice you receive after acceptance.

Once you have received acceptance, please submit your check to:

Marianne Hudson
Executive Director
Angel Capital Association
10977 Granada Lane, Suite 103
Overland Park, KS 66211
Phone: 913-894-4700, x1
mhudson@angelcapitalassociation.org

Membership Terms

1. All ACA members agree to abide by ACA by-laws, and actively promote the intent and spirit of the by-laws.
2. Full Member groups will be required to annually re-qualify for membership, including agreement to all membership qualification requirements.
3. Provisional Members must provide regular status reports (monthly) to their ACA mentor during their provisional membership term. Provisional Members must submit an application for Full Membership within 12 months of their original acceptance as a Provisional Member If the application is not submitted, or does not meet the qualifications for Full Membership, all membership rights of any type will be cancelled. The group can reapply for Full Membership at a later time when it has held its first investment meeting of individual participants, has multiple investors participating in the angel groups activities and meets the qualifications for Full Membership.
4. All ACA members including member groups and their individual participating investors, agents and representatives, recognize and respect the confidential nature of individual member information and agree to maintain such confidentiality.
5. Member groups recognize and agree that certain information regarding the group, but not its individual participants, may be made publicly available in furtherance of ACA's by-laws. Member groups will cooperate with ACA in all manners for the promotion of the ACA mission, including response to research surveys by ACA and the Angel Resource Institute (ARI).
6. All members and member groups agree to a "total non-solicitation policy" related to all affiliates, sponsors, partners, and other members of ACA. Direct, unsolicited contact with ACA member angel groups using the contact information obtained from the ACA website, meeting attendance lists or other sources is specifically prohibited. ACA has a "zero tolerance" of this non-solicitation policy and reserves the right to terminate members for any such offense.
7. ACA's Board will set the annual Full Membership fee schedule, Provisional Membership fee, and ACA membership renewal will be conducted annually. The membership term is July 1 through June 30th of each year, with a pro-rated fee available for groups that are selected in the middle of the fiscal year.

Disclaimer

It is understood that ACA is not a venture fund, investment bank, broker/dealer, investment clearinghouse, investment portal nor any other form of investment advisor or otherwise, and is not registered with the Securities and Exchange Commission or any state securities commission. Any investments made involving one or more ACA member organization, or individuals in one or more member groups, or individual members of ACA, is done so at the sole risk and responsibility of those making the investment decision and does not in any manner involve or relate to ACA. All members will indemnify ACA for any and all actions or proceedings relating in any manner to ACA being named a party in an action or proceeding involving an investment of any kind by a member or individuals comprising the member, or entities, representatives or agents of member or individuals comprising the member.

Membership Termination

ACA membership is subject to annual renewal, non-renewal, revocation or termination by the ACA Board. ACA membership may be terminated or membership revoked at the discretion and determination of ACA Board, should it be determined that an ACA member has become an inactive angel investment organization for more than 12 consecutive months, defined by the failure to hold any group meetings in this time period for the purpose of review and analysis of potential angel investments, other than a venture forum which is open to individuals outside of member representatives. ACA membership may also be terminated or revoked should any member or member agent or representative breach any term of ACA membership. A member will be notified in writing by the Board of Directors of the intent to terminate or revoke membership, and the on-notice member shall have thirty (30) days in which to submit a written response to the Board, should the member deem that its actions or inactions do not warrant or qualify for termination or revocation of membership. The Board shall consider, in good faith, such on-notice member written response within sixty (60) days. The decision of the Board of Directors is final.

Membership Dues

FULL MEMBERSHIP:

Annual Membership begins July 1st and ends June 30th each year. Applicants who join between these months are billed based on a pro-rated amount of one-quarter of the annual fee per fiscal quarter.

Number of Individual Investors in Member Group	Annual Fee
Individual Investor	$750
Group of up to 70 Investors*	$750
Group of more than 70	$1100

*FAMILY OFFICES:

Family offices wishing to join ACA may do so by completing the the regular Full Member application. Once accepted, the annual dues for Family Offices is $2000.00.

Please note that ACA reserves the right to complete a background check on any individuals applying for membership in ACA. Please contact our offices with any questions you may have.